（原标题：CBN丨China’s credit growth in March beats expectations amid investment push）
Hi everyone. I’m Stephanie LI.
大家好，我是主持人李莹亮。
Coming up on today’s program.
重点提要
Credit growth in China continues recovery through March;
China launches draft regulation for AI-generated content amid ChatGPT frenzy.
中国经济要闻
China’s credit expanded faster than expected in March, a sign that the central bank’s moves to unleash more long-term liquidity into the economy and support bank lending is fueling investment activity.
Outstanding total social financing, a broad measure of credit, reached 5.38 trillion yuan last month, up 10 percent in March from a year earlier, hitting a four-month high, according to the People’s Bank of China on Tuesday, while banks offered 3.89 trillion yuan in new loans, also higher than expected.
New corporate mid and long-term loans — an indicator of their willingness to invest in new projects and capacities — jumped to 2.07 trillion yuan last month from 1.61 trillion yuan in February.
Government bond issuance remained robust, as local authorities have announced plans to raise spending on major construction projects by 17 percent this year.
China's broad money supply, or M2, stood at 281.46 trillion yuan by the end of March, up by 12.7 percent from the year prior, indicating an accommodative monetary condition to support the economy.
Credit growth usually picks up at the end of each quarter as banks rush to meet lending targets. But lending and financing activities were also stronger than expected in the first two months of this year, as government bond issuance surged and corporate credit demand began to recover following the abandonment of Covid restrictions.
The PBOC has stepped up cash injections to help banks cope with tighter liquidity. It unleashed 500 billion yuan of long-term cash into the banking system by cutting the reserve requirement ratio last month, according to estimates. The central bank also added the most cash in over two years through its monthly medium-term loans operation in March.
That, and the fact lenders tend to front-load lending early in the year, pushed bank loans in the first quarter to 10.6 trillion yuan, up 27 percent from the first quarter of 2022 - the previous record.
The medium to long-term lending from households also jumped in March, thanks to favorable property policies locally.
Household loans, mostly mortgages, jumped to 1.24 trillion yuan in March from 208.1 billion yuan in February, with medium- to long-term household loans rising to 634.8 billion yuan from 86.3 billion yuan in February.
人民银行昨日发布的数据显示，3月新增人民币贷款3.89万亿元，同比多增7497亿元；3月新增社融5.38万亿元，同比多增7079亿元；一季度累计为14.53万亿元，比上年同期多2.47万亿元。
3月金融数据明显好于市场预期。市场机构对3月新增信贷的预测中值为3.24万亿元，对3月新增社融的预测中值为4.31万亿元。
对于3月超预期的金融数据，市场人士指出，在信贷总量延续扩张的同时，信贷扩张的平衡度也在改善，主要体现在3月居民贷款改善明显，去年以来的对公与零售贷款失衡的状况得到优化。
数据显示，3月人民币贷款增加3.89万亿元，一季度信贷增量为有记录以来首次突破10万亿元，达到10.6万亿元，同比多增2.27万亿元。
在信贷新增加量的同时，信贷结构亦持续改善，这体现在3月企（事）业单位、住户贷款均较上年同期明显增加，分别约2.7万亿元、1.24万亿元，同比多增约2200亿元、4908亿元。
3月住户贷款修复较为明显，当月新增短贷、中长贷分别为6094亿元、6348亿元，均比上年同期多增超2000亿元。另从环比看，也出现大幅反弹，今年2月的住户短贷、中长贷仅为1218亿元、863亿元。其中，3月住户中长贷已回升至2021年同期水平
3月企业中长期贷款继续成为推动信贷高增的主力，主要受基建投资和制造业投资保持较快增长带动。3月新增企业中长贷继续升至2.07万亿元，同比多增约7252亿元；同时，3月新增企业短贷约1.08万亿元，同比多增2726亿元。
此外，3月政府债和企业债净融资分别为6022亿元、3288亿元。一季度政府债券净融资1.83万亿元，同比多2470亿元；企业债券净融资8480亿元，同比少4718亿元。对此，分析指出，今年财政靠前发力，地方政府债券发行节奏前置，政府债融资总体平稳；另在政策带动下，今年企业定增融资增加，债券融资相对较弱。
China's cyberspace authority issued a content regulation draft for artificial intelligence (AI) on Tuesday, voicing clear support for innovation, promotion and application in AI algorithms and frameworks. It also encourages the priority use of safe and reliable software, tools, computing and data resources, the Cyberspace Administration of China (CAC) said in the draft regulation published on its website. Regulations are made to "promote the healthy development and standardized application of generative AI," said the CAC. According to the draft rules, operators are asked to report to regulators for safety reviews before providing such services to the public, and are urged not to use advantages like algorithms, data and platforms to engage in unfair competition. The CAC also lays out the ground rules that generative AI services have to follow, including the type of content these products are allowed to generate, saying that companies should ensure the accuracy of information and not generate false information.
网信办出台生成式AI管理办法：4月11日，国家互联网信息办公室发布《生成式人工智能服务管理办法（征求意见稿）》，并向社会公开征求意见。征求意见稿指出，利用生成式人工智能产品向公众提供服务前，应当按照《具有舆论属性或社会动员能力的互联网信息服务安全评估规定》向国家网信部门申报安全评估，并按照《互联网信息服务算法推荐管理规定》履行算法备案和变更、注销备案手续。提供者在提供服务过程中，对用户的输入信息和使用记录承担保护义务；涉及个人信息的，承担个人信息处理者的法定责任，履行个人信息保护义务。提供者应当对生成式人工智能产品的预训练数据、优化训练数据来源的合法性负责。用于生成式人工智能产品的预训练、优化训练数据，应满足以下要求：符合《中华人民共和国网络安全法》等法律法规的要求；不含有侵犯知识产权的内容；数据包含个人信息的，应当征得个人信息主体同意或者符合法律、行政法规规定的其他情形；能够保证数据的真实性、准确性、客观性、多样性；国家网信部门关于生成式人工智能服务的其他监管要求。
The International Monetary Fund (IMF) projected on Tuesday that China's economy will grow 5.2 percent in 2023 and 4.5 percent in 2024. Given the size of the Chinese economy, it would be a key contributor to global growth in the coming year, said Pierre-Olivier Gourinchas, director of the Research Department of the IMF, told a press briefing on the latest World Economic Outlook (WEO) report. According to the IMF forecast, the world economy will grow 2.8 percent in 2023, 0.1 percentage point lower than its January forecast. The growth of advanced economies will decline by half in 2023 to 1.3 percent, before rising to 1.4 percent in 2024, said the IMF. "About 90 percent of advanced economies are projected to see a decline in growth in 2023," it said. Global growth is estimated at 3 percent in the next five years, it added, slower than the 3.8-percent average rate in the past two decades.
IMF预计今年中国经济增长5.2%：国际货币基金组织（IMF）11日发布最新《世界经济展望报告》，预计2023年中国经济增速为5.2%，对全球经济将产生积极助推作用。报告预计，2023年全球经济将增长2.8%，较此前预测下调0.1个百分点。其中，新兴市场和发展中经济体经济今年将增长3.9%，2024年将增长4.2%；发达经济体经济今年将增长1.3%，2024年将增长1.4%。IMF预计，2023年许多经济体收入增长将放缓，失业率上升，发达经济体硬着陆风险加剧，约90%的发达经济体经济增速或放缓。IMF同时警告，从中期看，全球经济恐难恢复疫情前的增长速度，预计未来5年全球经济增速将保持在3%左右，远低于过去20年3.8%的平均水平。
区域观察
China Commodities City Group, which is under the state-owned assets supervision and administration commission of Yiwu, Zhejiang Province, announced on Wednesday plans to build a global digitalized free trade center in the China’s production hub of small commodities. According to the announcement, the company plans to invest 8.32 billion yuan into the project which will cover an expected 1.24 million square meters and will be finished within four years. The global digital trade center will integrate manufacturing, exhibition, logistics & storage and customs checking, serving each component of the small commodities industrial chain.
小商品城拟投83亿建造义乌全球数字自贸中心：4月11日，浙江中国小商品城集团股份有限公司发布公告称，拟投资83.21亿元打造义乌全球数字自贸中心，将以全球数贸中心为载体，将数字经济发展生态和数字基础设施深度植入小商品贸易的各个环节。义乌全球数字自贸中心项目的建设期为6年。根据项目规划，义乌全球数字自贸中心总建筑面积约为123.64万平方米。据了解，义乌全球数字自贸中心项目融合产品制造、展示交易、物流仓储、关检汇税等小商品产业链条全要素，搭建交易履约集成、产业城市联动、新老市场协同、线上线下融合、国内国外互通的小商品贸易“一站式”服务平台。
新使命，大未来
Hong Kong on Tuesday established the Institute of Web 3.0 Hong Kong backed by business moguls and government officials, as part of its efforts to punch above its weight as an international fintech hub. Chief Executive John Lee Ka-chiu said during the launch ceremony that “Hong Kong must have the courage to become a trailblazer in this wave of innovation.” He noted that Web 3.0 plays a critical role in advancing the fintech sector, as some leading technology firms and startups have recently considered expanding their business in Hong Kong. These include virtual asset exchanges, blockchain infrastructure companies, virtual currency wallets and payment enterprises, which are believed to help drive the development of Web 3.0, the city’s leader added. Last October, the government issued a policy statement on the development of virtual assets in Hong Kong, saying Web 3.0 has the potential to become the future of finance and commerce. The latest budget also stated that HK$50 million will be allocated to develop Web 3.0.
李家超表示香港要引领Web3.0：香港Web3.0协会11日正式成立。香港特别行政区行政长官李家超于成立典礼致辞时表示，香港在Web 3.0的发展大势下，要敢于成为引领者。李家超说，“Web3对金融科技的发展起着关键的作用。特区政府在去年底就虚拟资产在香港的发展发表政策宣言，展示我们对虚拟资产创新有开放态度，有坚定决心，好高兴见到业界的反应都十分正面。”香港特区政府去年以来大力推动Web3.0发展，包括在去年10月发表《有关虚拟资产在港发展的政策宣言》，李家超也于其首份施政报告中表示，金管局正在展开数位港元的准备工作。今年2月，陈茂波于立法会会议厅发表2023/24 年度《财政预算案》时表示，将拨款五千万港币推动Web3生态圈的发展，另成立虚拟资产发展专责小组，就行业的可持续和负责任发展向政府提交建议。
Hong Kong saw the peak number of arrivals Monday, the last day of the Easter holiday, according to data from the Immigration Department of the SAR government. Nearly 780,000 people passed through Hong Kong on Monday, including 556,000 people arriving in Hong Kong and 224,000 people departing. Hong Kong saw about 6.7 million inbound and outbound visits from April 1 to April 10.
复活节假期香港出入境迎来高峰：4月10日是复活节长假最后一天，香港迎来假期入境人流小高峰。香港特区政府入境事务处数据显示，10日当天有近78万人次进出香港，其中约55.6万人次入境，22.4万人次出境。4月1日至10日期间，香港出入境人次合共约670万。
Hong Kong’s insurance market has begun to attract Chinese mainland clients again. Of the 1,000 mainlanders who visited Hong Kong before the border reopening, about two-thirds said they intended to buy insurance there within a year, according to UBS figures. As a result, the Swiss banking giant expects the value of insurance policies taken out by mainland residents to return next year to the peak level before 2020. The value of insurance taken out by mainlanders in the SAR slumped to HKD6.8 billion in 2020 and only HKD688 million in 2021, according to data from the SAR’s Insurance Authority. The average annual figure between 2016 and 2019 was HKD53.6 billion.
内地居民赴港投保回暖：香港全面“通关“后，保险业的触底反弹行情正全面拉开序幕。瑞银数据显示，在通关前到访香港的1000名内地居民中，47%有意购买境外保险，约2/3居民考虑在通关一年内投保。瑞银表示，内地对境外保险需求强劲，2024年内地居民赴港投保金额或可回到2020年以前的高峰水平。2020年疫情以来，内地访客赴港保险消费大幅下降，近三年保费水平较 2019年之前水平仍有较大差距。2016~2019 年内地访客年平均新造保单保费约为 536.2亿港元。
The property transaction volume in Shenzhen and nearby cities in Greater Bay Area rebounded last month. Over 12,000 houses were sold in Shenzhen last month, setting a two-year record, while some 9,400 new homes were sold in Huizhou, an increase of 70 percent from the month before, data from the research institute of property researcher Leyoujia.Com showed yesterday. Sales of newly-built homes in Dongguan jumped 40 percent to 3,152 units in March from the month prior, while second-hand home sales hit nearly 3,770, soaring 65 percent from February to the highest in 14 months.
临深楼市迎“小阳春”：随着内地与香港正式全面通关，3月临深片区的楼市成交量明显放大。乐有家研究中心最新公布的数据显示，今年3月惠州一手住宅网签量达9400套，环比大涨七成。今年2-3月多个新房项目以价换量，刺激了市场交易量的上行，也促使成交价格出现回落，环比下跌3%至每平方米1.22万元。据合富大数据显示，3月东莞新房市场延续了2月增长的态势，网签3152套，环比增四成，网签均价为每平方米34700元。在新房市场复苏的信号中，二手房市场也火起来了。3月，东莞二手房网签3767套，环比增加65%，创下近14个月以来新高。
产业及公司新闻
Chinese theme park operator Haichang Ocean Park Holdings signed a memorandum of understanding with the Saudi investment ministry to explore investment opportunities, such as building ocean parks, aquariums, wildlife parks, intellectual property theme parks, and hotels, in Saudi Arabia, the firm announced today.
海昌海洋公园与沙特合作开发大型海洋公园：海昌海洋公园12日发布公告，集团已于近期与沙特阿拉伯王国(沙特)投资部(合作方)签署无法律约束力合作备忘录，双方之间将建立合作关系，研究集团于沙特发展与文旅业态有关的投资机会，包括海洋公园、水族馆、IP主题公园、动物园、野生动物园、家庭娱乐中心、度假酒店、科学研究及教育中心等，并联合宣布计划开发沙特阿拉伯王国首个大型海洋公园。
Chinese supply chain logistics firm Ace Investment and Development said it plans to invest 500 million yuan to build a cross-border supply chain base. The base, to be built in Lianyungang in eastern China’s Jiangsu province, will comprise a series of warehouses, including high-end temperature-controlled warehouses, cold storage spaces, and specialized warehouses, that can handle over 200,000 tons of goods annually, the firm announced late yesterday.
上海雅仕拟5亿元投建跨境商品供应链基地：4月11日晚间，上海雅仕公告称，为利用连云港亚欧大陆桥通道优势，打造与“一带一路”沿线国家及地区企业之间便捷高效的商品元素供应通道，进一步提升公司参与国际化业务的竞争能力，公司控股子公司连云港亚欧一带一路供应链基地有限公司拟投资新建一带一路跨境商品供应链基地项目。项目总投资计划为5亿元，其中固定资产投资3.4亿元，资金来源为自有或自筹资金。项目计划新建高端温控库、冷库，及满足加工要求的专业化仓库等。
Warren Buffett's Berkshire Hathaway has further reduced its stake in BYD by unloading 2.48 million shares for HK$540 million last month, bringing the total number of shares it has sold since last August to 105 million. According to a stock exchange filing, Berkshire sold the 2.48 million shares of China's electric vehicle giant at an average price of HK$217.6 apiece on March 31.
巴菲特连续十次减持比亚迪：巴菲特旗下伯克希尔·哈撒韦公司减持比亚迪的步伐还未停止。港交所4月11日晚间披露的数据显示，3月31日，比亚迪被伯克希尔再次减持248.05万股，这也是巴菲特第10次减持。按周二收盘价计算，目前巴菲特持有的比亚迪股票市值达273亿港元（约239亿人民币）。
Sales of pet health products on Chinese e-commerce platform Tmall has recently exceeded 10 billion yuan. Sixty percent of the top 50 pet health brands on Tmall were Chinese, as they have significant advantages in terms of technology-based health monitoring and nutritional products, according to statistics from the unit of e-commerce giant Alibaba Group Holding.
宠物健康成天猫新百亿市场：天猫新生活研究所11日数据显示，由科技健康监测、精细化肠胃呵护、SPA级美毛护肤、关爱犬猫初老、家庭宠医级护理5大方向组成的宠物健康新细分市场，在天猫成交规模已超100亿元。天猫榜单显示，宠物健康TOP50品牌中国产占比超6成，其中科技健康监测、营养品等方向国产优势明显，并吸引资本纷纷布局。
金融市场消息
China Securities Finance Corp, the country’s main financial institution that provide loans to brokerages for margin financing and securities lending, said Monday it is lowering the margin ratio by up to 15 percentage points so as to help them with their refinancing business. Those brokerages with ample funds and a good reputation have had their margin financing ratio trimmed to between 5 percent and 10 percent from 20 percent, while the others have had their margin ratio reduced to 15 percent from 25 percent, CSF said, and it also has reduced the margin ratio when brokerages borrow equities for their market-making business on the Shanghai stock exchange’s Star Market.
中证金融下调保证金比例：为进一步降低证券公司转融通业务成本，提升行业资金使用效率和保证金精细化、差异化管理水平，4月10日，中证金融下调证券公司保证金比例，将转融通保证金比例档次由两档调整为三档，其中，资信优质的公司，保证金比例由20%下调至5%；资信良好的公司，由20%下调至10%；其余公司由25%下调至15%。同时，为进一步降低做市借券业务成本，促进做市业务发展，中证金融对科创板做市借券保证金比例同步下调，资信优质的公司由10%下调至5%，资信良好的公司由15%下调至10%。
Ping An-backed Lufax will be listed in Hong Kong by introduction this Friday. As Lufax's American depositary shares are listed and traded on the New York Stock Exchange since 2020, the Shanghai-based online Internet finance platform had applied for a dual primary listing on Hong Kong's main board by way of introduction only.
陆金所拟14日在港上市：陆金所控股有限公司日前通过港交所上市聆讯，预计2023年4月14日在香港上市。陆金所此次以介绍方式申请股票在港交所上市，不涉及新股融资。
JD.com became the latest Chinese firm to submit an application for a yuan counter. The Chinese e-commerce firm said the act is to support the new Hong Kong dollar-yuan dual counter model, which is expected to commence in the first half of this year.
京东向港交所提交增设双柜台申请：4月11日，京东集团发布公告称已向香港联交所提交有关增设人民币柜台的申请。至此，已有11家港股上市公司提交增设人民币柜台申请。
股市收盘情况
Chinese stocks rose on Wednesday with the benchmark Shanghai Composite gaining 0.4 percent and the Shenzhen Component up 0.1 percent. Hong Kong’s Hang Seng index dipped 0.9 percent, while the TECH index dropped 1.9 percent.
A股涨跌互现港股收跌：周三A股三大指数涨跌不一，沪收涨0.41%，深成指收涨0.05%，创业板指收跌0.41%。两市成交额11321亿元，连续第7个交易日突破1万亿元。港股恒指收跌0.86%，恒生科技指数收跌1.92%。
Biz Word of the Day
财经词汇划重点
Web 3.0refers to the third generation in the evolution of web technologies, with content presented in multiple formats including graphics, text, video and real-time 3D interaction. It is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.
Web 3.0指的是下一代互联网，其中网站和应用程序将能够使用区块链技术，大数据和机器学习等技术以类似人类的方式处理数据，主要与基于区块链的去中心化、加密货币以及非同质化代币有关。Web 3.0还包含多层含义，用来概括互联网发展过程中可能出现的各种不同的方向和特征。
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
编委: 于晓娜
策划、编辑：李艳霞
播音：李莹亮
撰稿：李莹亮
音频制作：李莹亮
设计：郑文静、廖苑妮
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